Today, Leonard Curtis, SVSFX's administrator, issued a letter to creditors updating them on the progress.

The letter mainly mentioned:

1. If creditors receive any offer for goods or services, please note that it must be signed by the Joint Special Administrator.

2. Goods sold and delivered by the Company must be paid in full and cannot be used to offset any claims.

3. The Company is currently evaluating the financial position of SVS and developing a plan, at which time the Joint Special Administrator will seek input from creditors on the relevant claim criteria.

The full text of the letter is as follows:

To all creditors

Dear colleagues,

This letter is to inform you of the appointment by the High Court of Julien Irving, Andrew Poxon and Alex Cadwallader of the Company (Leonard Curtis) as joint insolvency administrators of SVS Securities, Inc. effective August 5, 2019. 25 in effect. The appointment was made under the Investment Banking Special Regulation 2011 (aka the Special Regulation). Enclosed is a formal Statement of appointment - Table 2.12b.

We are currently assessing SVS 'financial position to confirm the viability of this administration.

If you receive an offer for any goods or services, please note that it must be signed by the Joint Special Administrator. You will not receive payment until you place an order for goods or services, and you will only be required to provide goods or services if necessary for the special management of the company. However, if these goals are not met, the company may not be able to pay you. As the joint special Managers are only agents of the company, they will not bear any personal liability.

For orders placed prior to the special management of the Company but not yet delivered, the Customer shall confirm with the Company whether the goods or services are still required and, if so, may place the order on the above basis. However, please note that goods sold and delivered by the Company from the beginning of the special administration must be paid in full and cannot be used to offset any claims. Please also understand that due to the current period of special administration, your account with the company has been frozen and we are unable to make claims against unsecured creditors.

We would appreciate it if you could give us details of what the company owed you before it went into administration and attach a proof of debt form. Please also include all supporting documents for your claim when you provide proof of your complete debt form.

Please provide your full name, address, telephone number and email address for your records.

If you wish to claim ownership of goods sold to the company, please inform us of the full details, including the terms of sale. If you would like to make a claim for an item, please be sure to contact us as soon as possible and arrange a specific date to identify the item in question. Please be sure to take measures in accordance with the above regulations, otherwise, you will not be able to obtain a claim. The Joint Special Administrator will not be liable if you have sold the goods prior to receiving any notice of valid retention of title.

In accordance with paragraph 43 of Schedule B1 of the Insolvency Act 1986 (Amendment) (" ActH "), no creditor shall secure or repossess company property under any lease terms (including a conditional sale agreement, a movable asset lease agreement and a retention of title agreement) without the permission of the court. In addition, no other proceedings shall be commenced or continued without the permission of the court and shall not interfere with the expropriation of the Company and its property.

We are currently working on plans and will send you details of those plans, along with the creditors' meeting, in due course. At that time, the Joint Special Administrator will seek input from creditors on the relevant claim criteria. Expense, the creditor shall have the right to review the special administrators can through the following link from Leonard Curtis site: www.leonardcurtis.co.uk/resowces/creditorsguides

You can also visit the following websites for specific insolvency process guides:

www.creditorinsolvencvauide.co.uk

We will update the case progress on the www.leonardcurtis.co.uk/svs.

Finally, if you have any valuable information or any specific matter that you think needs to be investigated, please send us the details at the address below.

Again, the Joint Special Administrator is an agent of the company and assumes no personal liability.

Leonard Curtis' special administrators are bound by the Insolvency Code of Ethics in carrying out their work.

If you have any questions about the above, please feel free to contact Stephen Hartshorne.

A screenshot of the letter is as follows:

For the original letter, see Leonard Curtis' Letter to All Creditors of SVSFX.